Studies on olfactory training (OT) outcomes have mostly been limited to olfactory performance, while direct neural connections between olfactory system and amygdala–hippocampal complex allow expecting OT to have psychological effects. To address this hypothesis, we examined olfactory, cognitive and emotional effects of OT in the group of 68 subjects aged between 50 and 88 years (Mage = 62.8 ± 8.9 years; 28 males) who are likely to experience an age-related decline in olfactory and cognitive performance. We diversified stimuli used in the OT to verify whether odor mixtures result in more effective activation of olfactory receptor neurons than single molecule odors. Subjects were randomly assigned to one of the experimental conditions: (a) simple OT utilizing single-molecule odors; (b) mixtures OT using odor mixtures; (c) control group without OT. Results indicate beneficent effects of the simple OT on cognitive assessment, cognitive decline symptoms, and olfactory sensitivity. OT can be adapted from otorhinolaryngological practice to successfully serve neurocognitive research and in supporting the cognitive-related aging process.